Year marked by the strengthening of the group, product and market development and a 63.7% increase in revenues from continuing operations Positive outlook for the current fiscal year
Noveko International Inc. ("the Company") today announces the financial results for its fourth quarter and fiscal year ended June 30, 2009.
"Despite a 63.7% increase in revenues from continuing operations over the previous year, we posted mixed results. However, they reflect the efforts we put into developing our products, distribution networks and group infrastructure by closing strategic acquisitions and adding key personnel, all of which are critical for our long-term growth. These developments required time and the investment of significant human and financial resources, the effects of which were felt all the more as the sales of our antimicrobial products are still only at their beginnings. Furthermore, certain items that affected our results had no impact on our cash position, such as stock-based compensation charge and goodwill impairment related notably to the recent conditions in a subsidiary's market," indicated André Leroux, Chairman of the Board and Chief Executive Officer of the Company.
Financial Highlights for Continuing Operations (BLI's Operating Results Treated as Discontinued Operations)
For the fiscal year and the fourth quarter, in comparison with the corresponding periods of the previous year:
- Consolidated revenues from continuing operations respectively up by 63.7% to $12.2 million, and up by 44.7% to $3.4 million - Loss before amortization, financial expenses, income taxes, other items and discontinued operations - including stock-based compensation - respectively up by $7.6 million and down by $1.6 million - Loss from continuing operations respectively up by $14.8 million and $3.4 million